Petrobras shares tumble after CEO quits

Petrobras shares tumble after CEO quits

People Energy Politics Equity Loans Brazil

Shares in Brazil's state-owned energy company Petrobras fell sharply on Friday after Pedro Parente resigned as CEO, saying he would not stand as an "obstacle" to ending an ongoing trucker strike. Petrobras' common shares sank 14.9% to end the week at BRL18.88 ($5.02) on the B3 stock exchange in São Paulo, while its US-listed shares dropped 14.6% to close at $10.13. Petrobras shares traded for BRL29.14 on May 21, the day the strike started. Unionized truckers went back to work in the port city

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